FXY vs. YCS
FXY (Invesco CurrencyShares® Japanese Yen Trust) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, FXY returned -4.97%/yr vs 13.62%/yr for YCS. At a correlation of -0.98, they often move in opposite directions. FXY charges 0.40%/yr vs 1.00%/yr for YCS.
Performance
FXY vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -3.19% return, which is significantly lower than YCS's 9.63% return. Over the past 10 years, FXY has underperformed YCS with an annualized return of -4.97%, while YCS has yielded a comparatively higher 13.62% annualized return.
FXY
- 1D
- 0.02%
- 1M
- -1.56%
- YTD
- -3.19%
- 6M
- -3.45%
- 1Y
- -9.88%
- 3Y*
- -4.26%
- 5Y*
- -7.73%
- 10Y*
- -4.97%
YCS
- 1D
- -0.14%
- 1M
- 3.57%
- YTD
- 9.63%
- 6M
- 10.44%
- 1Y
- 31.27%
- 3Y*
- 18.37%
- 5Y*
- 23.52%
- 10Y*
- 13.62%
FXY vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.19% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
YCS ProShares UltraShort Yen | 9.63% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between FXY and YCS is -0.96, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.98 |
The correlation between FXY and YCS has been stable across timeframes, ranging from -0.98 to -0.96 - a consistent structural relationship.
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Return for Risk
FXY vs. YCS — Risk / Return Rank
FXY
YCS
FXY vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and ProShares UltraShort Yen (YCS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FXY | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.07 | ||
| Sortino ratioReturn per unit of downside risk | -4.15 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.34 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 3.78 | -4.65 |
| Martin ratioReturn relative to average drawdown | -1.32 | 11.93 | -13.25 |
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Drawdowns
FXY vs. YCS - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.35%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FXY and YCS.
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Drawdown Indicators
| FXY | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.35% | -49.56% | -6.79% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -8.30% | -3.15% |
Max Drawdown (3Y)Largest decline over 3 years | -15.73% | -23.05% | +7.32% |
Max Drawdown (5Y)Largest decline over 5 years | -34.19% | -27.32% | -6.87% |
Max Drawdown (10Y)Largest decline over 10 years | -41.27% | -27.32% | -13.95% |
Current DrawdownCurrent decline from peak | -56.34% | -0.14% | -56.20% |
Average DrawdownAverage peak-to-trough decline | -27.81% | -19.87% | -7.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.51% | 2.65% | +4.86% |
Volatility
FXY vs. YCS - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 0.79%, while ProShares UltraShort Yen (YCS) has a volatility of 2.25%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 2.25% | -1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 12.19% | -6.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 16.93% | -8.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 21.10% | -10.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.23% | 18.82% | -9.59% |
FXY vs. YCS - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
FXY vs. YCS - Dividend Comparison
Neither FXY nor YCS has paid dividends to shareholders.
Frequently Asked Questions
FXY and YCS have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.25%) compared to FXY (0.79%). In terms of maximum drawdown, FXY dropped -56.35% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.62% vs -4.97% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YCS has performed better with a 13.62% return vs -4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY is cheaper with a 0.40% expense ratio, compared with 1.00% for YCS.
FXY and YCS have nearly identical dividend yields, around 0.00%.
FXY is categorized as Currency, while YCS is Leveraged Currency. FXY tracks Japanese Yen, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.40% for FXY and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs -1.21), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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